It seems obvious that Obama wants to take credit for our eventual recovery. It also seems obvious that most people are mislead about what happened during the Depression. Most people think the New Deal and big government got us out of the Depression. It didn’t – it extended it.
Obama would do us all a favor if he would follow Mark Levey’s advice in today’s Wall Street Journal:
The quickest way to strengthen the credit system and begin the end of this crisis is to get money into the economy for true job creation, and not into government work programs. The way to do this is to slash taxes. The U.S. corporate tax rate, currently the highest in the world, should be cut to 0% (corporate income would still be taxed, of course, when distributed to shareholders as dividends). The capital-gains tax should be cut further.
Not paying taxes means a company may not need loans, or if it does it will be in great shape to qualify for one. Zeroing the corporate rate is the easiest and broadest way to avoid the credit crunch and build jobs/opportunities.
I’ve long held the view that corporations should not pay taxes. Only people should. Eventually corporate money reaches people – when it does, tax them. Until then, let it grow.
America’s corporate tax rate is too high. Getting rid of it would spark our economy like a firecracker.